PETALUMA, CA — Miyoko’s Creamery, the originator of the vegan cheese and butter movement, announced Aug. 4 that it has raised $52M in Series C funding. PowerPlant Partners is the lead investor, investing $40M in total, with Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital filling out the round.
Miyoko’s will use this capital to further disrupt the traditional dairy market as plant-based continues to capture more market share. Since 2017, the U.S. plant-based food market has grown by $2 billion in retail sales and is currently valued at $5 billion, growing 5 times the rate of total food sales. Nondairy milk is the largest and most developed plant-based food and beverage category, but other alternative dairy categories such as cheese and butter are quickly following suit. William Blair estimates the US retail opportunity for total plant-based dairy to be $10 billion, using nondairy milk penetration as a proxy (nondairy milk has north of 60% household penetration in the US as of 2020).
With this funding, Miyoko’s will advance both distribution and product innovation to capitalize on this market opportunity. Miyoko’s is currently distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore. With nearly full distribution in the U.S. natural grocery channel (north of 90% ACV), Miyoko’s future distribution expansion will focus on conventional grocery, club and food service as more consumers demand plant-based alternatives. On the product side, Miyoko’s will continue to develop artisan-quality cheese and butter crafted from fermented plant milks to deliver higher nutrient density, performance and flavor. This year, they will launch “Liquid,” a pizza mozzarella that pours out like sauce and bakes up into a stretchy cheese. Pizzaiolos and home pizza makers are delighted with the results! In addition, Miyoko’s will launch a reformulation of its plant milk Medium Cheddar and Pepper Jack cheeses delivering great taste and meltability through the fermentation of organic, whole food ingredients and no added flavors.
“We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are. Businesses need to assume a leadership position in driving toward a more sustainable – and compassionate – future, one that considers all stakeholders, including the animals that we have chosen to commodify. I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are,” said Miyoko Schinner, Founder and CEO.
Miyoko’s Creamery is a cult brand and the pioneer of the vegan dairy revolution that put artisan quality plant-based cheese and butter on the map. Miyoko’s creates distinctive products by combining old world cheesemaking techniques with proprietary food science and is differentiated based on its technology which utilizes lactic acid bacteria and enzymes to transform various plant milks into cheese and butter. Because Miyoko’s products are based on actual plant milk, rather than oil and starch, the products have a superior nutritional profile and perform similarly to their dairy counterparts. As a result, Miyoko’s European Style Butter is the no. 1 selling plant-based butter in the natural grocery channel nationwide ($ sales last 52 weeks ending 7/11/2021).
“The company’s rapid growth in just a few short years would not be possible without our unique approach to product innovation. We are never satisfied and are always looking for ways to improve the taste, nutrition and performance of the products we craft. As the category creator and true lover of cheese, we work tirelessly to innovate for the future of the category and the planet,” said Schinner.
“Miyoko’s Creamery is very well positioned to capitalize on the massive market shift happening in dairy right now as consumers demand and prefer plant-based products. Their growth to date indicates their products are revolutionizing the vegan dairy movement through the creation of delicious, highly nutritious plant-based cheeses and butters,” said Dan Gluck Managing Partner at PowerPlant Partners. “Which is why we are thrilled to partner with Miyoko Schinner – the leading innovator in plant-based dairy – and the broader Miyoko’s team to help them accelerate their business, distribution and innovations, while continuing to be the industry’s most respected brand.”
“Mintel’s latest report cited that vegan cheese grew 42 percent last year, which is more than two times the 18% growth of dairy cheese. Clearly, plant-based cheese and butter are disrupting traditional dairy and the top one to two brands will capture the majority of the value being created by this market transformation. We believe Miyoko’s Creamery is one of those brands and couldn’t be more excited to help them execute on this opportunity,” said Julianne Hummelberg, Vice President at PowerPlant Partners.
“Miyoko’s Creamery is a ‘mission with a company’ and acts as a compassionate change agent for the animal-free future of dairy. We look forward to building on our strong foundation and further innovating in the category as more and more consumers commit to change,” said Schinner.